Dewey v. Reed
New York Supreme Court
THIS action was brought on a promissory note executed by one Towner Eeed, and the defendant Mason Eeed as surety, and delivered to the plaintiff. The note was as follows, viz : “ $450. Three years from date we jointly and severally promise to pay F. W. Dewey, or bearer, four hundred and fifty dollars with interest from the first day of April next, for value received. Grorham, October 29th, 1856. (Signed) Towner Reed. Mason Reed, Surety.”
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THIS action was brought on a promissory note executed by one Towner Eeed, and the defendant Mason Eeed as surety, and delivered to the plaintiff. The note was as follows, viz : “ $450. Three years from date we jointly and severally promise to pay F. W. Dewey, or bearer, four hundred and fifty dollars with interest from the first day of April next, for value received. Grorham, October 29th, 1856. (Signed) Towner Reed. Mason Reed, Surety.” The defense was, that after the note was executed and delivered, the said Towner Eeed and the plaintiff entered into an agreement, without the knowledge or…
1Opinion of the Court
By the Court, Johnson, J.
This case was correctly decided at special term, both in respect to the facts and the law. It falls directly within the principle of the case of Warrington v. Early, (75 E. C. L. 763 ; S. C. 22 Eng. L. and Eq. Rep. 208.) In that case the note was payable in six months, with lawful interest, which was five per cent only. After the note was delivered, without the consent of the maker, but with the consent of the holder, there was added in one corner of the note, “ interest at six per cent per annum.” This was held to be a material alteration and fatal to the validity of…
2Cases cited1 opinion
- Woodworth v. President, Directors, & Co. of the Bank of AmericaNew York Supreme Court · 1821
3Cited by4 opinions
- Benedict v. . CowdenNew York Court of Appeals · 1872
- In re the Judicial Settlement of the Estate of PinkertonNew York Surrogate's Court · 1906
- Harsh v. KlepperOhio Supreme Court · 1876
- New York Life Ins. Co. v. . CaseyNew York Court of Appeals · 1904